The Housing Assistance Council (HAC) presents this month’s report on Fiscal Year 2019 USDA Rural Housing program obligations.
As of the end of July, USDA obligated 87,281 loans, loan guarantees, and grants totaling about $12,445,800,643. This is $2,527,150,078 less than obligation levels from this time last year. At that time, there were 107,385 loans, loan guarantees, and grants obligated totaling $14,972,950,721.
The agency operated under several continuing resolutions and a 35-day government shutdown early in the fiscal year. The Consolidated Appropriations Act, 2019 was signed into law on February 15, 2019 which provided funding for the rest of the fiscal year.
Single Family Housing Program Highlights
The Section 502 Guaranteed loan program, the largest of the Single Family Housing programs, obligated $11,526,583,996 (78,041 loan guarantees) down from $13,918,207,676 (95,949 loan guarantees) last year.
For the Section 502 Direct program, loan obligations totaled $681,309,131 (4,272 loans), down from $822,239,509 (5,426 loans) this time last year. About 35 percent of the loan dollars went to Very low-income (VLI) applicants. VLI loans represented nearly 39 percent of the total number of Section 502 Direct loans.
The Section 504 Repair and Rehabilitation programs obligated 1,888 loans representing $11,606,210. Loan volume was down from this time last year (2,386 loans representing $14,649,289.) There were also about $18,047,886 (1,888 grants) obligated in the Section 504 grant program compared to $3,043,079 (3,428 grants) last year.
USDA’s Section 523 Self Help Housing Grant program funded 17 grants and contracts totaling $14,842,675 down from last year’s 21 grants and contracts totaling $21,100,841.
USDA has also funded 5 credit sales representing $402,961.
Multi-Family Housing Programs
USDA’s Section 538 Multifamily Housing obligated 65 loan guarantees totaling $116,218,079, down from last year’s 98 loan guarantees ($125,317,415.) In the Section 515 Rural Rental Housing program, there were 35 loans totaling $69,730,661 obligated compared to 16 loans totaling $19,555,407 last year. Obligations in the MPR program include 22 MPR loans totaling $116,537 and no grants compared to 15 loans and 2 grants representing $15,650,054 and $251,260 last year.
In the Farm Labor Housing programs, 5 loans and 2 grants have been funded totaling $3,587,261 and $1,400,000 respectively. Last year in July, 5 loans and 1 grant were obligated ($8,455,000 and $7,883,070, respectively.)
No Section 533 Housing Preservation grants have been obligated so far this year, compared to 2 grants last year totaling $251,260.
USDA obligated funds for 188,297 rental assistance units under the Section 521 Rental Assistance program totaling $978,913,760. This compares to about 193,148 units ($950,607,363) obligated same time last year. There were also 5,705 Rural Housing Vouchers totaling $25,042,177 compared to 5,526 vouchers representing $23,244,818 this time last year.
* The Rural Housing Service (RHS) monthly obligation reports are produced by the Housing Assistance Council (HAC) 1025 Vermont Ave., NW, Suite 606, Washington, DC 20005. The monthly figures derive from HAC tabulations of USDA –RHS 205c, d, and f report data. For questions or comments about the obligation reports, please contact Michael Feinberg at 202-842-8600 or email@example.com.